Edelweiss Tokio Life - Wealth Secure Plus

About Edelweiss Tokio Wealth Secure Plus Plan

Edelweiss Tokio Wealth Secure Plus is a Non-Participating, Individual, Unit-Linked Life Insurance Plan (ULIP). It is an investment plan that provides you with long-term wealth-creation opportunities along with life insurance coverage.

Features of Edelweiss Wealth Secure+

1. Life Coverage:

   Plan ensures financial protection for your family in case of your unfortunate demise.

2. Joint Life coverage:

   Option to choose to cover yourself and your spouse in the same policy.

3. Child Coverage:

   Option to enhance protection for your child by continuing the plan in case of your unforeseen death. 

4. Multiple Investment Fund Options:

   You get the option to choose from 7 investment funds along with unlimited switches under the Self-Managed Strategy.

5. Additional Fund Allocations:

   • Loyalty Additions: Added at the end of each policy year from the 6th policy year onwards.

   • Booster Additions: Added from the end of the 10th policy year and thereafter every 5th policy year onwards.

   • Maturity Addition: Maturity additions are made at the end of the policy term.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Eligibility Criteria of Edelweiss Tokio Wealth Secure Plus Plan

The following table mentions the eligibility criteria you need to fulfill to buy this one of the best ULIP Plans:

*Option 2 is available only for the PPT of >= 10 years.

Premium Payment Criteria of Edelweiss Tokio Wealth Secure+

Learn the premium payment conditions for this investment option from the table mentioned below:

*The limit is subject to Board Approved Underwriting Policy.

Benefits of Edelweiss Tokio Life Wealth Secure Plus Plan

Some of the major benefits offered by the Edelweiss Tokio Wealth Secure+ Plan are as follows:

1. Death Benefit:

   If the Life Insured dies while the policy is in force, the nominee will receive the death benefit.

   For Base Variant- The nominee will receive the higher of:

   • Sum Assured (minus) Relevant Partial Withdrawals (plus) Top-Up Sum Assured (if any)

   • Fund Value (plus) Top-Up Fund Value (if any)

   • 105% of Total Base Premiums (plus) 105% of Total Top-Up Premiums (if any)

   For Life Partner Variant- The nominee will receive the higher of:

   • Sum Assured (minus) Relevant Partial Withdrawals (plus) Top-Up Sum Assured (if any)

   • Fund Value (plus) Top-Up Fund Value (if any)

   • 105% of Total Base Premiums (plus) 105% of Total Top-Up Premiums (if any)

   For Child Variant- The nominee will receive the higher of:

   • Sum Assured (minus) Relevant Partial Withdrawals (plus) Top-Up Sum Assured (if any)

   • 105% of Total Base Premiums (plus) 105% of Total Top-Up Premiums (if any)

2. Maturity Benefit: 

   You get a maturity benefit if you survive until the maturity date and the policy is in force

   • The maturity benefit will be the fund value calculated at the prevailing NAV on the maturity date. 

   • The fund value will be payable as a lump sum or as per the settlement option chosen. 

3. Loyalty Additions: 

   Loyalty additions are a type of bonus that is added to the fund value of your life insurance policy on regular payment of your due premiums.

   • The additions are made from the end of 6th policy year up to the end of the premium payment term (PPT)

   • In Edelweiss Tokio Wealth Secure+ Plan, 0.15% of the last 12 months average daily fund value (excluding top-up fund value) is added as a loyalty addition.

4. Booster Additions: 

   • A percentage of the average daily fund value (excluding Top-up fund value) over the last 60 months is added to the policy as booster additions.

   • These additions are made at the end of the 10th policy year and every 5th policy year thereafter.

   • To calculate future Booster Additions, the total fund value, Loyalty Additions, and previously added Booster Additions are also considered.

   • The rate of booster additions in the Edelweiss Wealth Secure+ Plan are:

   PPT	Policy Year for Booster Additions	% of Average Daily Fund Value of the Last 60 Months
   < 10 Years	From the end of the 10th policy year and there onwards from every 5th policy year	1.75%
   >= 10 Years		2.25%

5. Maturity Addition:

   • At maturity, a Maturity Addition is added to the policy, which is a percentage of the average daily fund value (excluding Top-up fund value) over the last 60 months.

   • However, the Maturity Addition is only available for policies with a Premium Payment Term (PPT) greater than or equal to 10 years.

   • The percentage of the last 60 months average daily fund value that is added as maturity addition is 2.0%.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Features of Edelweiss Tokio Wealth Secure Plus

The key features of this ULIP plan are listed below:

1. Settlement Option: 

   The settlement option is a way to receive the maturity benefit from your ULIP policy. Under this option, you will receive a regular stream of payments for a fixed period of time.

   • The payout period can be 1, 2, 3, 4, or 5 years. 

   • The frequency of the payments can be yearly, half-yearly, quarterly, or monthly instalments.

   • No charges except fund management charges (FMC), switching charges, if any, and mortality charges will be deducted during this period.

   • Partial withdrawals are not allowed during this period.

   • Switches are allowed during this period.

   • No loyalty additions, booster additions, or maturity additions will be added during the period of the settlement option.

2. Flexibility of Premium Payment Term (PPT):

   • You have the option to change the PPT of your policy as per your choice.

   • However, the following conditions should be met:

   • All the due premiums until the date of the request must have been paid.

   • If the option to change the PPT is exercised, the Maturity Addition will be applicable as per the PPT as on the maturity date.

   • The option to change the PPT is not available in the 'Child' variant.

3. Premium Redirection:

   • If you have chosen the Self-Managed Strategy, you can choose to allocate your future premiums, top-up premiums, to different funds than the ones you selected at policy inception.

   • You can also redirect the previous premium redirection requests.

   • This facility is available free of cost.

   • However, you need to give the company a written notice at least two weeks before the relevant premium is due.

4. Partial Withdrawals:

   • You can withdraw a part of your fund value after the completion of the 5th policy anniversary.

   • The partial withdrawal will be first adjusted from the Top-Up Fund Value, and then from the Policy Fund Value.

   • The minimum amount that can be withdrawn is Rs. 500 per withdrawal.

   • You can make unlimited number of partial withdrawals as long as the resultant Fund Value after payment of such partial withdrawal is greater than or equal to 105% of total premiums paid (Including Top-up Premiums).

   • The partial withdrawals are free of cost.

   • Both Systematic Withdrawal Plan and Partial Withdrawal can be availed simultaneously.

5. Systematic Withdrawal Plan (SWP):

   • SWP is an automated partial withdrawal facility that allows you to withdraw a pre-determined percentage of your fund value on a regular basis.

   • SWP can be started from the 10th policy year or thereafter.

   • The premium paying term must be of 10 years or more.

   • You can choose the frequency of withdrawals (yearly, half-yearly, quarterly, or monthly) and the policy year from which the withdrawals will start.

   • The maximum allowed systematic withdrawal percentage is 12% per annum of Fund Value.

   • The minimum withdrawable amount under SWP is Rs. 500.

6. Top-up Premiums:

   • Top-up premiums are additional premiums that you can pay on your life insurance policy in addition to the regular premiums.

   • Top-up premiums increase your death benefit and your fund value.

   • You can pay top-up premiums only during the period of your policy and only if you have paid all of your regular premiums up to date.

   • Top-up premiums cannot be withdrawn from your fund value for a period of 5 years from the date of payment.

   • You cannot pay top-up premiums during the last 5 years of your policy.

   • The total amount of top-up premiums that you can pay is limited to the sum total of the regular premiums that you have paid.

7. Flexibility to Change Variants:

   • You can change the variant of your policy during the term of the policy, but only at certain life-stage events.

   • You can only change variants on policy anniversaries.

   • You must give the company at least one month's notice before the change.

   • The change in variant must be approved by the insurance company.

   • The table below shows which variants you can change to, depending on your current variant and the life stage event:

   From 🡪 To	Base Variant	Life Partner Variant	Child Variant (Individual Life)	Child Variant (Joint Life)
   Base Variant	N/A	YES	YES	YES
   Life Partner Variant	YES	N/A	NO	YES
   Child Variant (Individual Life)	YES	NO	N/A	YES
   Child Variant (Joint Life)	YES	YES	YES	N/A

Working on Edelweiss Wealth Secure Plus Plan

Follow the steps mentioned below to learn the working of the Edelweiss Wealth Secure+ Plan:

Step 1: Choose your variant

• Base: This variant provides life cover for the policyholder only.

• Life Partner: This variant provides life cover for both the policyholder and their spouse.

• Child: This variant provides life cover for the policyholder's child/children.

Step 2: Choose your premium, PPT, mode, and sum assured amount

Step 3: Choose your policy term

• Option 1: You can choose a fixed policy term of 5, 10, 15, 20, or 25 years.

• Option 2: This is a whole-life option where the maturity age equals 100 years. The policy term will be 100 years (minus) Entry Age. This option can only be opted for with the 'Base' variant.

Step 4: Choose your investment strategy

• Life Stage & Duration-Based Strategy: This strategy invests your premiums in a way that is designed to meet your financial needs at different stages of your life.

• Self-Managed Strategy: This strategy gives you more control over how your premiums are invested.

Investment Strategies of Edelweiss Wealth Secure Plus

Edelweiss Wealth Secure Plus is among the best investment plans that offer two investment strategies:

1. Life Stage & Duration Based Strategy

   • This strategy helps you manage your risk appetite as you get older and your policy term gets shorter. 

   • It does this by automatically allocating your money between equity and debt funds based on your age and the remaining policy term.

   • As you get older, the policy term gets shorter, and your risk appetite decreases, the allocation percentage in the equity fund will decrease.

2. Self-Managed Strategy

   • This strategy gives you complete control over how your money is invested.

   • You can choose to invest your money in any of the 7 ULIP funds offered by the Edelweiss Tokio Life Insurance Company.

   • You can also switch your money between the fund options as often as you like.

   • The self-managed strategy is a good choice for people who want to have control over their investment decisions.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Investment Fund Options Offered by Edelweiss Tokio Wealth Secure Plus Plan

Edelweiss Wealth Secure Plus offers a range of investment funds, which are as follows:

Policy Details of Edelweiss Tokio Wealth Secure Plus Plan

The policy details of this plan are as follows:

1. Surrender Benefit: 

   You can surrender your policy at any time during the policy term.

   • If Policy Surrender During 5-Year Lock-In Period: You will receive the fund value (Minus) discontinuance charge. The fund value will be credited to the discontinued policy fund with the insurance company.

   • If Policy Surrender After 5-Year Lock-In Period: You will receive the fund value as of the date of surrender. The policy will then terminate, which means that you will no longer be covered by the insurance.

2. Premium Discontinuance:

   Discontinuance of Policy during lock-in period (during first five years): 

   • If you do not pay your premiums during the first 5 years of your policy, your policy will be discontinued. 

   • The fund value of your policy will be credited to the discontinued policy fund, and the risk cover and rider cover, if any, will cease.

   • You will have the option to revive your policy within 3 years from the date of the first unpaid premium. 

   Treatment of Policy while in Discontinuance Policy Fund:

   • If your policy is discontinued, the fund value of your policy will be credited to the discontinued policy fund. 

   • The proceeds of the discontinued policy, along with the returns generated on the same, will only be available to you upon the completion of the lock-in period or revival period, as applicable.

   Discontinuance of Policy after the lock-in period (after the first five years)

   • If you do not pay your premiums after the first 5 years of your policy, your policy will be discontinued. 

   • However, the policy will be converted into a reduced paid-up policy. 

   • This means that you will still have some coverage, but the amount of coverage will be reduced.

3. Revival of Policy:

   • You can revive your policy within 3 years from the date of the first unpaid premium by a written application.

   • If you revive your policy within 5 years of the first unpaid premium, the policy will be revived along with the risk cover and investments made after deducting some revival charges.

   • If you revive your policy after the first 5 years of the first unpaid premium, the policy will be revived, restoring the original risk cover in accordance with the terms and conditions of the policy.

Exclusions

Suicide Clause:

If the policyholder commits suicide within the first 12 months of the policy, the death benefit will not be paid out to the nominee or beneficiary. Instead, they will only receive the fund value as available on the date of intimation of death.

Any charges other than Fund Management Charges (FMC) and guarantee charges recovered after the date of death will be added back to the fund value.